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Tuesday, July 16, 2024

Vietnam remains South Korea’s third largest trade partner

The Saigon Times

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HCMC – Vietnam has retained its status as South Korea’s third-largest trade partner for the second consecutive year, with bilateral trade reaching US$79.43 billion last year, according to data from the Korea International Trade Association (KITA).

Vietnam exported goods worth US$25.94 billion to South Korea in 2023, down by 2.9% year-on-year, while spending US$53.49 billion on imports from South Korea, down by 12.3%. The country’s trade deficit with the South Korean market slipped by 19.5% to US$27.55 billion.

As a result, Vietnam has surpassed Japan for the second consecutive year to maintain its position as South Korea’s third-largest trade partner, the Vietnam News Agency said, citing data from KITA.

The decline in South Korean exports to Vietnam in 2023 was attributed to a decrease in chip exports. Semiconductor shipments from South Korea to Vietnam fell by 21.6% to US$12.73 billion compared to 2022.

Bilateral trade between South Korea and Japan reached US$76.68 billion in 2023. Meanwhile, China remained South Korea’s largest trade partner last year, with two-way trade amounting to US$267.66 billion.

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